Dole Food Co., the largest seller of fresh fruit, vegetables and flowers, said it raised its quarterly dividend by 50 percent, the first boost in its payout to shareholders in more than a decade.

Dole Food raised the quarterly dividend, which had stood at 10 cents a share since 1991, to 15 cents, the company said in a statement. The dividend will be paid March 21 to shareholders of record as of Feb. 25.

Dole said last month that it expects profit from continuing operations of as much as $2.20 a share this year.

Dole shares fell 42 cents to $28.88. The increase was announced after the close of regular trading.